Types of Real Estate Companies in Canada
Many people envision an agent giving a young family the keys to their new house when they think of real estate. While this may be common in Canada, it only portrays just one area of the many faces of the real estate industry. There are various types of real estate companies, especially in allied fields such as inspection, appraisal, and financing. Basically, real estate companies are normally referred to as firms that help individuals and business entities to select, purchase, and sale properties.
Firms in this category are some of the most common types of real estate firms in Canada. Here, agents, brokers, and realtors work with property investors to successfully purchase or sale homes. Sub-specialists play an important role in residential real estate because they often deal directly with property buyers and sellers.
Individuals or business entities that sale and buy properties intended for business including restaurants, wholesale, and retail businesses belong to this category of real estate. Unlike residential real estate transactions, commercial real estate deals are relatively more complex and may take longer to complete. In commercial real estate, agents and brokers are involved in identifying suitable properties and helping with development, undertaking feasibility studies, obtaining permits, and financing.
The duties of a commercial real estate broker are not quite different from those of a residential real estate agent. A commercial real estate broker is entrusted with overseeing the listing and displaying of commercial properties. He/she also supervises other real estate agents working under him/her. In addition, commercial real estate agents help to determine the listing prices of properties. This is one of the most challenging aspects of listing commercial property and may take some time to complete.
Unlike commercial real estate, industrial real estate is more specialized. A client in this type of real estate will often look for property in locations with the most suitable tax structure, labor pool, political climate, and regulatory environment. Industrial real estate agents and brokers often deal with local governments, private buyers and sellers, community leaders, and state agencies.
In this type of real estate brokerage, agents focus on working with individual investors and investments groups. The agents help their clients find income-generating properties including retail centers, rental homes, and apartment buildings. It is also the broker’s duty to know about the properties’ possible returns on investments.
In property Management, brokers focus on supervising rental properties for their customers. Clients may range from individual landlords owning a few rental apartments to investment groups that own a number of apartment buildings and homes. Many individuals and business entities hire property management firms because they may not be able to manage the properties on their own. Property managers are required to have knowledge of landlord/tenant law. They are also responsible for interviewing tenants, handling relevant paperwork and payments, and taking care of the properties.
Companies that deal in land brokerage focus on identifying suitable land for development by commercial clients or home builders. Brokers in this category of real estate must have knowledge of zoning requirements and government regulations. It is important for land brokers to maintain healthy relationships with municipal authorities.
There are various types of real estate agents in Canada. Property investors should ensure that they work with the right types of real estate agents.